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Watson Full Year 2011 Net Revenue Increases 29% to $4.58 Billion;
Date:2/14/2012

PARSIPPANY, N.J., Feb. 14, 2012 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today reported net revenue increased 62 percent to $1.5 billion for the fourth quarter ended December 31, 2011, compared to $952.7 million in the fourth quarter 2010. On a non-GAAP basis, net income for the fourth quarter 2011 was $225.2 million or $1.77 per share, an increase of 93 percent, compared to $116.5 million or $0.93 per share in the fourth quarter 2010.  GAAP earnings per share for the fourth quarter 2011 were $0.75, compared to $0.15 in the prior year period.

For the fourth quarter 2011, adjusted EBITDA increased 78 percent to $393.4 million, compared to $220.8 million for the fourth quarter 2010.   Cash and marketable securities were $224.2 million as of December 31, 2011. Refer to the attached reconciliation tables for adjustments to GAAP earnings.

Full Year 2011 ResultsFor the full year 2011, net revenue increased 29 percent to $4.6 billion, compared to net revenue of $3.6 billion for full year 2010.  On a non-GAAP basis, net income increased 42 percent to $603.8 million, or $4.77 per share for the full year 2011, compared to 2010 net income of $425.4 million, or $3.42 per share. GAAP earnings per share were $2.06 for the full year 2011, compared to $1.48 in 2010.

For the full year 2011, adjusted EBITDA was $1.1 billion, an increase of 33 percent from the full year 2010 adjusted EBITDA of $838.2 million. Cash flow from operations was $632.0 million.  

"2011 continued a track record of success and growth for Watson.  Revenues for the fourth quarter grew by 62 percent and non-GAAP earnings per share increased by 90 percent versus 2010. Additionally, strong cash flow from operations for the year of more than $630 million enabled us to reduce our debt to adjusted EBITDA ratio to below 1.0x at year end, putting us in a strong po
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SOURCE Watson Pharmaceuticals, Inc.
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